Germany's regulator BaFin approves transfer of life portfolio

Bad Homburg, Basler Versicherungen in Germany has received approval from the country's Federal Financial Supervisory Authority (BaFin) to transfer the closed portfolio held by the German branch of Baloise Life Ltd to the Frankfurter Leben Group. The portfolio of Basler Lebensversicherungs-AG, Hamburg is not affected by the planned transaction.

Baloise had already announced that it was to sell the insurance portfolio and associated operations of the German branch of Baloise Life Ltd to the Frankfurter Leben Group. Baloise has not written any new business via this branch since 2012.

Now that the transaction has been approved by BaFin, the final precondition for completing the transfer of the life insurance portfolio to the Frankfurter Leben Group has been met. Completion is expected to take place in January 2017. The 87 employees who were responsible for this life insurance portfolio to date will join the Frankfurter Leben Group on completion of the transaction.

Insurance customers will be personally notified of the portfolio transfer upon completion. Their rights and duties under the contracts signed with Basler Leben AG will continue without change.

Traditional endowment life insurance is no longer one of Baloise's target areas for new business in Germany. It focuses on capital-efficient risk and investment-type premiums in order to achieve an optimised mix in its life insurance business.

The Baloise Group is more than just a traditional insurance company. The changing security, safety and service needs of society in the digital age lie at the heart of its business activities. The 7,300 or so employees of Baloise therefore focus on the wishes of their customers. The best possible customer service, combined with innovative products and services, makes Baloise the first choice for people who want to feel ‘simply safe’. Located at the heart of Europe, with its head office in Basel, the Baloise Group is a provider of prevention, pension, assistance and insurance solutions. Its core markets are Switzerland, Germany, Belgium and Luxembourg. In Switzerland, with Baloise Bank SoBa, the Group also operates as a specialised financial services provider, offering a combination of insurance and banking services. The Group offers innovative pension products to retail customers throughout Europe from its competence centre in Luxembourg. Bâloise Holding Ltd shares are listed in the main segment of the SIX Swiss Exchange.